Sasini posts Ksh.122M half year profit

Sasini Plc has completed a turnaround in earnings after posting a Ksh. 122.2million profit across six months to March 31, 2021.

The rebound to profitability has been anchored on non-sales income with the Group operating activities yielding in gains of Ksh.177.9 million from a loss of Ksh.7.3 million previously.

The growth in other income offset plateaued revenues which were flat at Ksh.2 billion from Ksh.2.1 billion in March 2020 affected in part by disruptions from the COVID-19 pandemic.

“Coffee and tea production volumes were within expectations, but the global slowdown of the macadamia business and the late start of the avocado season mean’t the six months results relied heavily on the tea and coffee businesses,” Sasini stated.

The company expects earnings in the second half of the year to be boosted by a recovery in avocado and macadamia nuts shipment.

Tea prices are also expected to stabilize with productivity being anchored on good weather conditions.

Despite uncertainty in the macro-environment, the board of Sasini has recommended the payment of an interim dividend of 50 cents per share for a combined Ksh.114 million shareholder payout.

The dividends will be paid out on or before July 15.